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Archive for March, 2008

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Mokena Real Estate Update

Thursday, March 27th, 2008

Mokena saw a slight drop in sales in 2007. However, the market remained relatively strong during the year.

According to data from the Chicago Association of Realtors, a total of 101 condos were sold in the Chicago suburb during 2007, down from 109 units sold during the previous year. This is the fourth highest total sales seen in the area in the last 16 years, hardly a bad showing for a tough market.

Condo owners and developers saw an increase in the average turnover time during 2007. It took an average of 73 days to find a buyer, up from 61 days in 2006. However, this is still far below the average turnover time for all of the Chicago suburbs, which stood at 109 days.

Prices were down slightly for condos and lofts in Mokena. The average sales price for units sold during the year dropped by 1 percent from 2006. Buyers could continue to see even lower prices for Chicago Real Estate in Mokena and many other suburbs around the greater Chicagoland area.

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Condo project on track in Lakeview

Wednesday, March 26th, 2008

A residential and retail project planned for Lakeview will go ahead as planned after the developers secured a loan. Dionysus Enterprises LLC and JFJ Development Co, the joint venture behind the project at 3030 N. Broadway St, received a loan for $18.9 million.

M&I Bank, a Milwaukee-based firm, and St. Louis-based First Bank agreed to provide the first financing for the project that is expected to cost $50 million for the first phase of construction.

Plans call for a five-story building, with nearly 50,000 square feet of retail space on the ground floor and four levels of luxury condominiums. A total of 53 units will be built during the first phase. The second phase of construction calls for an additional 35 condominiums in a four-story building.

Residents of 3030 Broadway will enjoy a number of luxury amenities, including huge private terraces with 400 square feet of space. Prices for these units will start in the mid $600s, with the largest units selling for more than $2 million. Completion of the first phase of construction is planned for late 2009.

Keep up to date with the latest Chicago Real Estate news and stay on top of market conditions around the city.

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Sales of condominiums strong in West Lawn

Tuesday, March 25th, 2008

Sales of condominiums and lofts in West Lawn remained strong in 2007, despite a general downturn in the Chicago real estate market. According to data from the Chicago Association of Realtors, a total of 30 condominiums and lofts were sold in the neighborhood during the year.

This is a slight increase from 2006, when 28 units were sold in the neighborhood. It is the second highest total annual sales seen in the neighborhood in more than 16 years.

Condo owners and developers saw a marked improvement in market conditions in the neighborhood. The average turnover time for homes sold in 2007 fell to 119 days. This is a 23 percent drop from the all time high of 154 days seen during 2006.

The strong market conditions in West Lawn helped keep prices in positive territory in 2007. The average sales price posted a 9 percent increase from the previous year. However, with prices averaging $131,404, the neighborhood continues to offer an affordable option for buyers looking for their first condominium.

Browse through the best Chicago Real Estate in West Lawn and other neighborhoods around the city today.

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